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RNS - Navamedic Q1 2025: Sterk start på året og godt posisjonert for fremtidig vekst

Company: Navamedic Date: 2025-04-30 Language: Norwegian Register to download
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# **Q1 2025**

Highlights and key figures 30 April 2025

Kathrine Gamborg Andreassen, CEO Lars Hjarrand. CFO

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### A reliable supplier of high-quality pharma products addressing global health challenges

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Navamedic in brief

Presence and sales across the Nordics

Strong local market competence

#### Ambitious growth strategy going forward

Portfolio tailored for growing markets

Strong local competence (~45 employees) in regulatory, reimbursement, marketing and sales.

Product portfolio approved and ready for wider distribution across Europe

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Thorough understanding of patient challenges,

increasing customer loyalty through guidance and inspiration

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Successful new products launches

Accretive M&As

Expansion to new markets

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The portfolio includes products in growing markets such as:

- Obesity
- Parkinson's disease
- Antibiotics
- Metabolism

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### Strong start to the year and well-positioned for future growth

Highlights Q1:

- Mysimba® 7% growth YOY
- High sales of antibiotics, +30% YOY

Subsequent events:

• Renewed agreement for Imdur® for 8 more years

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### **EBITDA**

**12.8 MNOK** 8.5 MNOK in Q1 24

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#### Q1 2025

### Solid start to the year

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Revenue growth and EBITDA fluctuations from quarter to quarter mainly due to seasonality and stock buildup/down effects

#### Q1 2025

### Antibiotics and Medical nutrition\*

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## High-quality portfolio with several hero products

Our business areas

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\*IEM Products for treatment of Inborn Errors of Metabolism (IEM), a lifelong, genetic disorder where the body cannot properly turn food into energy.

5

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### Growth across the portfolio

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#### **Coming up next**

- Broad commercial roll out of Flexilev® and the OraFID® dispenser expected in the second half of 2025
- Activities to secure continued growth for Mysimba® in a growing market for weight-loss drug market
- Renewed agreement for Imdur for 8 more years

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### **Highlights**

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**Mysimba®** revenues increased by 7.3% YoY. EMA announced its review of **Mysimba®**, affirming that the benefits of the medicine outweighs the risks for weight management in adults

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**Imdur®** delivered strong revenues in the period and is up 54% YoY, sales of **Nitrolingual®** increased by 22% YoY, while **Forlax®** had a decrease in revenues of 45% YoY due to increased competition

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**Flexilev®** continues to deliver healthy growth and is up 13% YoY

6

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The **RX segment** comprises Navamedic's prescription products

**Q1 2025 revenue** 65.0 MNOK (Q1 2024: 58.4 MNOK)

### Steady development of main brands

Consumer Health

#### **Highlights**

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Revenues of **Modifast** stable in the quarter

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Several consumer health products delivered strong growth in the quarter and YoY, including **Absolut Torr** (up 49% YoY) and **ThermaCare** (up 8% YoY)

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**Eroxon®** saw a 9% YoY decrease in revenues partly due to stock buildup in Q1 2024

#### **Coming up next**

- Out-licensing of Navamedic's own products, such as Absolut Torr, to other markets
- **Eroxon®** launched in Denmark in April

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The **Consumer Health segment** comprises Navamedic's over-the-counter products, available to patients without a prescription

**Q1 2025 revenue** 33.9 MNOK (Q1 2024: 33.8 MNOK)

7

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### Strong segment growth led by antibiotics portfolio

Hospital

The **Hospital segment** comprises Navamedic's antibiotics portfolio and medical nutrition products for the treatment of Inborn Errors of Metabolism (IEM)

**Q1 2025 revenue** 33.1 MNOK (Q1 2024: 28.8 MNOK)

#### **Highlights**

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Recent tender wins have driven sales growth for the **antibiotics** portfolio, which is up 32% YoY

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The **Medical Nutrition** portfolio maintained steady sales

#### **Coming up next**

- New product launch within Medical Nutrition expected in 2025
- New antibiotics launched in Q2 2025
- Expand and secure market access for new antibiotics in the Nordics and Netherlands, explore opportunities for launch in other Northern European countries

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### GROWTH BASED ON A STRONG FOUNDATION

Untapping the potential within existing products, categories and territories. Strengthening the core with a disciplined approach to portfolio management, including adding attractive new products in our distribution model

### CONTINUING GROWTH THROUGH M&A

Acquisitions of smaller companies and product portfolios that have significant growth potential, both through Navamedic's existing platform, and in new markets in collaboration with distributors or partners

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### PORTFOLIO EXPANSION WITH PRODUCT OWNERSHIP

Proactively securing and increasing the portfolio value through in-licensing of products and brands. Explore market growth opportunities outside own territory with own, unique products in cooperation with distributors or partners

1

2

3

## Becoming a NOK 1 billion revenue company

Delivering on our strategy

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# **FINANCIALS**

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In Q1 2025 revenues were 9.2% above Q1 last year

| Key consolidated profit and loss figures |         |         |           |
|------------------------------------------|---------|---------|-----------|
|                                          |         |         |           |
| (in NOK '1000)                           | Q1 2025 | Q1 2024 | Year 2024 |
| Operating revenues                       | 132 024 | 120 873 | 531 436   |
| Gross profit                             | 53 783  | 46 814  | 208 877   |
| Gross profit %                           | 40,7 %  | 38,7 %  | 39,3 %    |
| Operating cost                           | -40 948 | -38 355 | -162 327  |
| EBITDA                                   | 12 835  | 8 459   | 46 550    |
| EBITDA %                                 | 9,7 %   | 7,0 %   | 8,8 %     |
| Depreciation                             | -1 062  | -928    | -4 267    |
| Amortization                             | -2 609  | -2 634  | -10 488   |
| Operating result (EBIT)                  | 9 164   | 4 897   | 31 795    |
|                                          |         |         |           |
| Net financial income and expenses        | -10 962 | -6 110  | -33 415   |
| Profit before tax                        | -1 798  | -1 213  | -1 620    |
| Income taxes                             | -5 656  | -780    | -3 865    |
| Net profit / loss (-)                    | -7 454  | -1 993  | -5 485    |

Gross Profit came in at 40.7%, higher than the previous quarters and we expect to deliver higher operating Gross Margin in 2025 than 2024

EBITDA was NOK 12.8M for the quarter

The negative Net Financial items is mostly due to changes in market value of the shares in Observe Medical in addition to interest payments and currency effects

Note: Net Financial items for 2024 reflect correction of accounts related to impairment of loans to Observe Medical.

Profit Before Tax was negative NOK 1.8M

Net Profit was negative 7.5M for the quarter

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Financials

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### Assets

#### Financials

Inventory increased since last quarter due to timing of large orders

Cash level is mostly the combination of the net result and changes in working capital items

Loan receivable is loans to Observe Medical after the conversion and write-down

Note: The 2024 numbers reflect correction of accounting of loan value

Other current financial assets is the Observe Medical shares at market value

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| (in NOK '1000)                 | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|--------------------------------|------------|------------|------------|
| Goodwill                       | 162 285    | 157 057    | 159 051    |
| Deferred tax assets            | 934        | 930        | 934        |
| Other intangible assets        | 91 819     | 95 839     | 92 561     |
| Property, plant and equipment  | 4 598      | 3 599      | 4 493      |
| Right of use assets            | 3 441      | 5 715      | 4 246      |
| Non-current loans receivable   | 6 360      | 0          | 6 196      |
| Total non-current assets       | 269 436    | 263 139    | 267 480    |
| Tax receivables                | 8 199      | 13 028     | 8 720      |
| Inventories                    | 98 766     | 121 399    | 81 888     |
| Trade and other receivables    | 62 460     | 58 182     | 55 909     |
| Cash                           | 40 311     | 29 094     | 37 285     |
| Current loans receivable       | 0          | 32 890     | 0          |
| Other current financial assets | 5 259      | 1 774      | 16 194     |
| Total current assets           | 214 995    | 256 367    | 199 996    |
| Total assets                   | 484 431    | 519 506    | 467 477    |

| 2.2024  |
|---------|
| 159 051 |
| 934     |
| 92 561  |
| 4 493   |
| 4 246   |
| 6 196   |
| 267 480 |
| 8720    |
| 81 888  |
| 55 909  |
| 37 285  |
|         |
| 16 194  |
| 199 996 |
| 467 477 |

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### Equity and liabilities

Financials

Equity ratio of 44%.

Note: The 2024 numbers reflect figures after correction in the accounts

Total loans and borrowings is down compared to last year as we have paid down on the loans

Trade payables is up from December and is related to the increase in inventory

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| (in NOK '1000)                          | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|-----------------------------------------|------------|------------|------------|
| Total equity                            | 214 273    | 208 757    | 216 673    |
| Non-current interest-bearing borrowings | 78 571     | 95 481     | 78 571     |
| Non-current license liabilities         | 21 799     | 4 046      | 21 360     |
| Non-current right of use liabilities    | 1 138      | 3 460      | 1 694      |
| Deferred tax liabilities                | 8 275      | 9 031      | 8 361      |
| Total non-current liabilities           | 109 783    | 112 018    | 109 986    |
| Current interest-bearing borrowings     | 29 595     | 48 797     | 35 441     |
| Trade and other payables                | 77 307     | 79 635     | 50 267     |
| Current right of use liabilities        | 2 606      | 2 557      | 2 868      |
| Current license liabilities             | 0          | 16 899     | 0          |
| Taxes payable                           | 2 122      | 8 124      | 5 198      |
| Other current liabilities               | 48 745     | 42 720     | 47 045     |
| Total current liabilities               | 160 375    | 198 732    | 140 818    |
| Total liabilities                       | 270 158    | 310 749    | 250 804    |
| Total equity and liabilities            | 484 431    | 519 507    | 467 477    |

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The cash flow from Operating Activities is mainly the result of Profit Before Tax coupled with changes in working capital items

The cash flow from financing activities is related to loan payments as well as interest payments

The cash at the end of the period was NOK 40.3 M

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### Cash flow Group – total operations

#### Financials

| (in NOK '1000)                          | Q1 2025  | Q1 2024  | Year 2024 |
|-----------------------------------------|----------|----------|-----------|
| Net cash flow from operating activities | 9 209    | -5 563   | 39 354    |
| Net cash flow from investing activities | -<br>493 | -<br>185 | -2 778    |
| Net cash flow from financing activities | -8 654   | -1 913   | -37 738   |
| Changes in currency                     | 2 964    | -1 281   | 412       |
| Net change in cash                      | 3 026    | -8 941   | -<br>751  |
| Cash and cash equivalents end period    | 40 311   | 29 094   | 37 285    |

| ar 2024 |
|---------|
| 39 354  |
| -2 778  |
| -37 738 |
| 412     |
| - 751   |
| 37 285  |

## Strong start to the year and well positioned for future growth

Navamedic ASA summary and outlook

- Navamedic delivered NOK 132 million in revenue in Q1 2025, representing a 9.2 % increase from 2024
- The growth was driven by the Prescription Drugs (RX) and Hospital segments, which both delivered double-digit growth YoY
- A shift in strategic focus; more focus on growth of main brands and own products, including out-licensing

#### **We are building on our solid foundation**

- Continue to untap the growth potential of main brands and launch of new and unique products, while at the same time focusing on profitability
- Target opportunities for market expansion of own products
- Increase growth by value-adding M&A

### Ambition of building a **NOK 1 billion**

revenue company with at least 15% EBITDA through profitable growth

… and vision of building a leading Nordic pharmaceutical company

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Visit our website **https://navamedic.com/**

Follow us on **LinkedIn #InvestInNavamedic**

Email **infono@navamedic.com**

**Navamedic's Q2 2025 presentation will be held on August 14, 2025**

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# Want to know more?

# **APPENDIX**

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## Basis for preparation

• Appendix

This presentation provides financial highlights for the quarter for Navamedic Group. The financial information is not reported according to the requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited. The same measurement principles as presented in the Annual Report 2021 have been used preparing this presentation.

The APMs are regularly reviewed by management and their aim is to enhance stakeholders' understanding of the company's performance. APMs presented may be determined or calculated differently by other companies.

#### **APMs:**

EBITDA is equal to earnings before interest, tax, depreciation and amortization. EBITDA is a sub-total in the condensed consolidated statement of comprehensive income. EBITDA margin is equal to EBITDA as a percentage of total operating revenues. Gross profit is equal to total revenues minus cost of materials. Gross profit is a sub-total in the condensed consolidated statement of income. Adjusted EBITDA means normal EBITDA less acquisition transaction costs.

Gross margin is equal to gross profit as a percentage of total operating revenues. Equity ratio is equal to total equity as a percentage of total shareholders' equity and liabilities.

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### Definitions of Alternative Performance Measures (APM)

### Copyright and disclaimer

• Appendix

#### **Copyright**

Copyright of all published material including photographs, drawings and images in this document remains vested in Navamedic and third-party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.

#### **Disclaimer**

This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about economic. Navamedic ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Navamedic ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Navamedic ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. Navamedic ASA consists of several legally independent entities, constituting their own separate identities. Navamedic is used as the common brand or trademark for most of these entities. In this presentation we may sometimes use "Navamedic", "we" or "us" when we refer to Navamedic companies in general or where no useful purpose is served by identifying any particular Navamedic company.

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